Module 4 Exit Test Review_Econ

A continual rise over time in a nation’s production of goods and services.

• Economic growth

• Economic decline

• Inflation

• Deflation

The sum of all of the goods and services produced within a country over a year

• Gross Domestic Product (GDP)

• Price Index

• Gross National Index (GNI)

• Business cycle

This measures monthly changes in the average prices of common goods.

• Consumer Price Index (CPI)

• Gross Domestic Product

• Cost of Living

• Inflation

The type of unemployment where workers intentionally leave a job to find new employment. Example: after getting vocational trading for welding, Julie leaves her job at Autozone for a welding apprenticeship.

• Frictional unemployment

• Seasonal unemployment

• Underemployment

• Turnover

Unemployment causes by seasonal shifts. Examples: stores hiring more workers for busy seasons/landscaping companies having more work in the spring and summer

• Seasonal unemployment

• Natural Unemployment

• Frictional Unemployment

• Underemployment

The main factor in economic growth is

• investments in capital goods

• high employment

• low prices

• human capital

Higher amounts of human capital (skills and experiences) generally lead to

• higher wages

• lower wages

• no change in wages

• less benefits

The level at which individuals feel comfortable with categories of items such as a person's wealth, comfort, material goods, and necessities.

• standard of living

• income distribution

• national income

• human capital

A trend in increasing prices over time

• Inflation

• Deflation

• Exchange rate

• Consumer Price Index

Economic theory stating the inflation is a result of producers increasing prices to meet increased production costs

• Cost-Push Theory

• Capital Market Theory

• Keynsian Economics

• Inflation Theory